When Billy McFarland was growing up in Short Hills, New Jersey, Hugh Hefner was at the end of a very successful career as a magazine publisher and private club entrepreneur. During Billy’s early years, he was enamored with computers and the tech industry. Billy was so interested in all things tech he started his own company before he graduated from high school.
Billy McFarland decided to go to Bucknell, but the entrepreneurial bug was deeply embedded in his DNA, so he left school and started another company. That company, Spling, is a digital acquisition and optimization site, and the concept is very popular with Millennials.
Spling is a successful venture, but Billy McFarland had another idea. Billy had a lot of friends working in the tech, finance and fashion industry in New York, and they talked about not having enough time to enjoy the money they were making.
According to Crunchbase, trying to find the best deals when it came to eating out, or attending sporting events is a challenge for Millennials, so Billy McFarland decided to reintroduce the private club concept, but he geared it toward the affluent Millennial crowd in New York City. Billy named his private club, Magnises, and another star was born.
Magnises gives Millennials deals that are only for the well-connected people in New York. For a $250 annual membership fee, Millennials can reserve tables at the hottest restaurants in New York, or they can get into the trendiest nightclubs in the city. Members get a black metal membership card that can be linked to a personal debit or credit card, so it looks and feels like a black American Express card to some members.
McFarland also set up the ClubPass and a HotelPass for a yearly fee, so members can stay at any Dream Hotel for $79 a night. Companies are lining up to become partners with the Magnises. McFarland has more than 12,000 members in New York and Washington, D.C., and he plans to expand the club to Atlanta, London, Los Angeles, Boston, and Chicago.
Magnises is turning a profit even though the concept is only two years old. McFarland believes the updated private club concept is one of his finest creations, and Millennials agree with him.